Japex nets Petronas shale acreage

Eoin O'Cinneide

 04 March 2013 08:59 GMT

Japan Petroleum Exploration has taken a chunk of a shale play in Canada off Petronas with a view to participating in an LNG project in the country.

The Japanese player, also known as Japex, has agreed to take the 10% stake in shale blocks in North Montney, British Columbia from the Malaysian oil giant.

As part of the heads of agreement revealed by Japex on Monday, it will also take a 10% stake in the proposed Pacific Northwest LNG project envisaged for Lelu Island in Port Edward.

Japex also inked a commitment to offtake 10% of the LNG, or 1.2 million tonnes per year, from the facility once it goes ahead.

“With participation in this LNG project, Japex will be able to secure long-term natural gas import…

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